I want the following:
1. A Tegra 3 CPU (or whatever the current generation is by the time this gets built).
2. At least 1GB RAM - 2GB would be preferable.
3. At least 32GB storage.
4. The most recent version of Android (currently ICS).
5. A similar form factor to the Apple TV 2.
Android works well with mice and touch pads.
I don't expect it to sell for $25. I'd be willing to pay as much as $200.
What your looking for is already on the market for almost the price point you want.
Trimslice has a Tegra 2. IMO nVidia didn't get competitive with their ARM offereings until they produced the Tegra 3. The graphics performance was too low on the older Tegra devices. If I were going to put down around $200 for an ARM computer I would just get a Pandaboard ES, it is about the best out there right now for the price IMO.
Looks like this thread got unlocked. I will leave it so for now.